Historical Data - xls

Mills' Results

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Main Indicators

Revenue

COGS G&A

EBITDA

Financial Indicators per Business Unit

Income Statement

Balance Sheet

Cash flow

Capex per Business Unit

Mills - Key financial indicators

In R$ million 1Q09 2Q09 3Q09 4Q09 1Q10

Net revenue 82.4 104.6 102.7 114.6 115.5

EBITDA 31.6 42.8 37.7 45.6 42.8

EBITDA margin (%) 38.4% 40.9% 36.7% 39.8% 37.0%

Net earnings 12.0 20.1 16.6 19.8 18.7

ROIC (%) 0.0% 0.0% 0.0% 0.0% 0.0%

Capex 9.0 14.2 30.5 22.7 58.7

Invested Capital - - - - 387.4

Rental net PP&E - - - - -

Others - - - - -

¹ From 2013 onwards, the data does not consider the Industrial Services business unit.

² From 1Q13, ROICs and Invested Capital are reported consedering the last twelve months

2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

131.3 148.9 154.2 145.0 164.0 175.1 193.5 199.1 211.1

50.5 55.9 45.4 52.8 58.0 50.8 76.4 87.4 84.8

38.4% 37.6% 29.4% 36.4% 35.4% 29.0% 39.5% 43.9% 40.2%

26.1 28.5 30.1 22.2 22.6 17.8 29.5 33.8 39.6

0.0% 0.0% 21.0% 0.0% 0.0% 0.0% 12.3% 0.0% 0.0%

90.0 121.0 78.8 184.6 105.2 121.6 114.4 58.4 83.5

458.4 556.7 645.3 749.6 894.2 1,002.3 1,092.9 1,143.7 1,195.0

- - - 591.7 686.9 784.1 867.6 924.8 976.4

- - - 158.0 207.3 218.2 225.3 218.9 218.5

3Q12 4Q12 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

222.2 246.8 188.4 211.8 222.0 210.1 207.8 213.0 191.5

96.7 96.3 95.7 98.9 106.1 110.6 107.5 105.9 66.7

43.5% 39.0% 50.8% 46.7% 47.8% 52.6% 51.7% 49.7% 34.8%

38.5 46.2 39.3 48.1 39.6 45.6 33.9 33.4 3.2

0.0% 14.7% 14.7% 14.8% 14.4% 14.1% 13.8% 12.3% 9.4%

79.4 76.3 127.5 150.3 127.7 93.9 102.3 54.7 19.5

1,218.0 1,268.5 1,254.3 1,318.9 1,391.3 1,471.4 1,482.4 1,573.9 1,662.5

1,003.1 1,059.5 869.3 926.2 985.0 1,045.1 1,101.5 1,142.8 1,162.2

214.9 209.0 385.0 392.8 406.3 426.3 380.9 431.1 500.3

1Q13¹,²

4Q14 1Q15 2Q15 2009 2010 2011 2012

181.9 163.9 147.9 404.2 549.9 677.6 879.3 832.3

55.6 47.4 52.1 157.6 194.5 238.1 365.0 411.3

30.6% 28.9% 35.3% 39.0% 35.4% 35.1% 41.5% 49.4%

(6.2) (14.5) (8.2) 68.4 103.3 92.2 158.1 172.6

6.6% 4.0% 2.0% 0.0% 21.0% 12.3% 14.7% 14.1%

22.6 6.4 9.7 76.3 348.5 525.9 297.6 499.3

1,677.1 1,661.8 1,617.7 - 510.5 932.7 1,114.9 1,471.4

1,160.5 1,144.0 1,109.9 - - 732.5 991.6 1,045.1

516.6 517.8 507.9 - - 200.2 123.3 426.3

Menu

2013¹,²

2014

794.2

335.7

42.3%

64.3

6.6%

199.1

1,677.1

1,160.5

516.6

Mills - Net revenue per type

In R$ million 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

Rental 63.8 68.5 70.5 80.0 74.6 84.6

Technical support services 16.0 32.2 27.1 28.6 29.6 35.6

Sales 0.6 2.5 4.0 5.5 9.6 6.0

Others 1.9 1.4 1.1 0.4 1.7 5.0

Total net revenue 82.4 104.6 102.7 114.6 115.5 131.3

* From 2013 onwards, the data does not consider the Industrial Services business unit.

Mills - Net revenue per business unit

In R$ million 1Q09 % 2Q09 % 3Q09 %

Heavy Construction 32.8 39.9% 37.1 35.4% 36.9 36.0%

Real Estate 14.1 17.2% 14.7 14.0% 15.1 14.7%

Industrial Services 23.4 28.4% 40.8 39.0% 36.1 35.1%

Rental 12.0 14.6% 12.1 11.6% 14.6 14.2%

Total net revenue 82.4 100.0% 104.6 100.0% 102.7 100.0%

** Pro-forma result, including results for Industrial Service business unit.

3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12

91.8 91.1 96.8 105.4 119.3 132.4 137.9 147.9 155.8

42.6 43.6 37.6 43.3 41.3 37.6 42.3 44.5 41.4

8.7 12.7 5.6 7.3 8.5 19.2 13.0 13.5 19.0

5.9 6.8 5.0 8.0 6.0 4.3 6.0 5.2 6.0

148.9 154.2 145.0 164.0 175.1 193.5 199.1 211.1 222.2

4Q09 % 1Q10 % 2Q10 % 3Q10 % 4Q10

39.4 34.4% 35.7 30.9% 41.7 31.8% 42.7 28.7% 34.2

18.3 15.9% 22.7 19.6% 21.8 16.6% 27.9 18.7% 32.8

41.2 36.0% 40.0 34.6% 46.5 35.4% 52.5 35.2% 56.4

15.7 13.7% 17.2 14.9% 21.3 16.2% 25.8 17.4% 30.8

114.6 100.0% 115.5 100.0% 131.3 100.0% 148.9 100.0% 154.2

4Q12 1Q13* 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14

166.7 160.1 166.9 170.5 176.6 176.7 175.7 161.4 149.4

45.9 4.3 8.0 4.3 4.8 2.5 3.0 1.3 1.3

28.6 17.2 26.6 35.1 22.5 17.1 25.8 19.1 18.6

5.6 6.8 10.3 12.1 6.1 11.5 8.4 9.8 12.7

246.8 188.4 211.8 222.0 210.1 207.8 213.0 191.5 181.9

% 1Q11 % 2Q11 % 3Q11 % 4Q11 %

22.2% 31.8 22.0% 30.6 18.6% 33.2 19.0% 36.1 18.6%

21.3% 29.2 20.1% 34.7 21.2% 39.4 22.5% 52.5 27.1%

36.6% 50.2 34.6% 57.5 35.1% 56.9 32.5% 50.2 25.9%

20.0% 33.7 23.3% 41.2 25.1% 45.6 26.1% 54.9 28.3%

100.0% 145.0 100.0% 164.0 100.0% 175.1 100.0% 193.5 100.0%

1Q15 2Q15 2009 2010 2011 2012 2013* 2014

132.4 125.9 282.9 342.1 453.9 608.2 674.2 663.3

1.7 1.8 103.9 151.4 159.8 174.1 21.4 8.1

17.9 12.3 12.6 37.0 40.6 74.1 101.3 80.5

11.9 7.8 4.8 19.4 23.3 22.8 35.3 42.3

163.9 147.9 404.2 549.9 677.6 879.3 832.3 794.2

1Q12 % 2Q12 % 3Q12 % 4Q12 % 1Q13*

39.3 19.7% 41.9 19.9% 45.5 20.5% 47.3 19.2% 47.5

52.5 26.4% 58.9 27.9% 60.5 27.2% 66.0 26.7% 64.9

50.9 25.5% 54.8 26.0% 48.8 22.0% 59.3 24.0% 51.5

56.5 28.4% 55.4 26.3% 67.4 30.3% 74.2 30.1% 76.1

199.1 100.0% 211.1 100.0% 222.2 100.0% 246.8 100.0% 239.9

Menu

% 2Q13* % 3Q13* % 4Q13* % 1Q14 %

19.8% 55.1 20.3% 55.7 20.0% 58.6 23.5% 51.0 24.6%

27.0% 66.5 24.5% 72.4 25.9% 54.2 21.7% 59.5 28.6%

21.5% 59.8 22.0% 57.2 20.5% 39.9 16.0% - 0.0%

31.7% 90.1 33.2% 93.9 33.6% 97.2 38.9% 97.3 46.8%

100.0% 271.5 100.0% 279.2 100.0% 249.9 100.0% 207.8 100.0%

2Q14 % 3Q14 % 4Q14 % 1Q15 %

55.5 26.1% 51.9 27.1% 52.5 28.9% 51.1 31.2%

58.8 27.6% 48.6 25.4% 45.4 25.0% 33.2 20.3%

- 0.0% - 0.0% - 0.0% - 0.0%

98.6 46.3% 91.0 47.5% 83.9 46.1% 79.6 48.6%

213.0 100.0% 191.5 100.0% 181.9 100.0% 163.9 100.0%

2Q15 % 2009 % 2010 % 2011

41.8 28.3% 146.2 36.2% 154.3 28.1% 131.6

31.6 21.3% 62.2 15.4% 105.1 19.1% 155.8

- 0.0% 141.4 35.0% 195.4 35.5% 214.8

74.5 50.4% 54.4 13.5% 95.1 17.3% 175.4

147.9 100.0% 404.2 100.0% 549.9 100.0% 677.6

% 2012 % 2013* % 2014 %

19.4% 174.1 19.8% 217.0 20.8% 211.0 26.6%

23.0% 238.0 27.1% 258.0 24.8% 212.4 26.7%

31.7% 213.8 24.3% 208.3 20.0% - 0.0%

25.9% 253.5 28.8% 357.3 34.3% 370.8 46.7%

100.0% 879.3 100.0% 1,040.6 100.0% 794.2 100.0%

Mills - Cost of goods and services sold (COGS) and the general, administrative and operating expenses (G&A), ex-depreciation

In R$ million 1Q09 % 2Q09 % 3Q09

Costs of job execution 25.9 51.0% 34.1 55.2% 33.8

Costs of sale of equipment 0.3 0.6% 1.5 2.4% 2.3

Costs of asset write-offs 0.1 0.2% 0.1 0.1% 0.1

Equipment storage - - - - -

COGS 26.3 51.8% 35.7 57.7% 36.1

G&A 24.5 48.2% 26.2 42.3% 28.9

ADD

Total COGS + G&A 50.7 100.0% 61.8 100.0% 65.0

¹ Until 4Q11, ADD amounts are included in G&A expenses

² From 2013 onwards, the data does not consider the Industrial Services business unit.

Mills - Cost of goods and services sold (COGS) and the general, administrative and operating expenses (G&A), ex-depreciation

% 4Q09 % 1Q10 % 2Q10 % 3Q10 %

52.0% 37.7 54.7% 35.7 49.1% 44.1 54.6% 50.9 54.7%

3.5% 3.4 5.0% 5.4 7.4% 3.6 4.5% 6.2 6.7%

0.1% 0.1 0.1% 0.1 0.1% 0.4 0.4% 1.0 1.0%

- - - - - - - - -

55.6% 41.2 59.7% 41.1 56.6% 48.1 59.5% 58.1 62.5%

44.4% 27.8 40.3% 31.6 43.4% 32.7 40.5% 34.9 37.5%

100.0% 69.0 100.0% 72.7 100.0% 80.8 100.0% 93.0 100.0%

4Q10 % 1Q11 % 2Q11 % 3Q11 % 4Q11

51.9 47.7% 45.9 49.8% 52.2 49.3% 58.5 47.1% 53.3

8.0 7.4% 3.5 3.8% 4.5 4.3% 5.6 4.5% 11.8

2.6 2.4% 1.2 1.4% 1.3 1.2% 0.6 0.5% 1.4

- - 5.4 5.8% 6.7 6.3% 8.1 6.6% 7.1

62.6 57.5% 56.0 60.8% 64.7 61.1% 72.9 58.7% 73.7

46.3 42.5% 36.1 39.2% 41.2 38.9% 51.3 41.3% 43.4

108.8 100.0% 92.1 100.0% 106.0 100.0% 124.2 100.0% 117.1

% % 2Q12 % 3Q12 % 4Q12 %

45.5% 48.6 43.5% 56.0 44.3% 56.5 45.0% 64.2 42.6%

10.1% 6.2 5.6% 7.2 5.7% 11.0 8.8% 16.5 11.0%

1.2% 1.2 1.1% 1.6 1.2% 1.9 1.5% 0.2 0.1%

6.1% 7.6 6.8% 8.1 6.4% 9.4 7.5% 10.5 7.0%

63.0% 63.6 56.9% 72.8 57.6% 78.9 62.8% 91.4 60.7%

37.0% 42.4 38.0% 50.4 39.9% 46.1 36.7% 54.6 36.2%

5.7 5.1% 3.1 2.4% 0.5 0.4% 4.6 3.1%

100.0% 111.8 100.0% 126.3 100.0% 125.5 100.0% 150.5 100.0%

1Q121

% 2Q13 % 3Q13 % 4Q13 % 1Q14

19.5 20.0% 24.5 20.6% 25.2 20.4% 23.7 22.5% 22.2

12.1 12.4% 20.9 17.5% 22.1 17.9% 13.0 12.3% 8.9

0.9 0.9% 2.3 1.9% 3.4 2.8% 2.3 2.2% 1.7

9.1 9.3% 10.3 8.7% 11.3 9.2% 11.9 11.3% 10.1

41.5 42.7% 57.9 48.7% 62.0 50.3% 50.9 48.3% 42.8

51.5 52.9% 58.2 49.0% 56.0 45.4% 50.5 48.0% 52.0

4.3 4.4% 2.8 2.3% 5.2 4.2% 3.9 3.7% 6.5

97.2 100.0% 119.0 100.0% 123.2 100.0% 105.3 100.0% 101.4

1Q132

% 2Q14 % 3Q14 % 4Q14 % 1Q15 %

21.9% 24.1 21.1% 23.3 18.6% 22.4 17.7% 18.1 15.6%

8.7% 14.7 12.9% 19.1 15.2% 10.5 8.3% 10.9 9.3%

1.6% 1.7 1.5% 6.4 5.1% 3.9 3.1% 4.7 4.1%

10.0% 10.9 9.6% 14.9 11.8% 14.7 11.5% 13.3 11.4%

42.3% 51.5 45.1% 63.6 50.7% 51.5 40.6% 47.1 40.4%

51.3% 57.8 50.6% 53.2 42.4% 53.2 41.9% 48.5 41.6%

6.4% 4.9 4.3% 8.7 6.9% 22.2 17.5% 21.0 18.0%

100.0% 114.1 100.0% 125.5 100.0% 126.9 100.0% 116.5 100.0%

2Q15 % 2009 % 2010 % 2011 %

23.0 19.7% 131.5 53.3% 182.6 51.4% 210.0 47.8%

8.2 7.0% 7.5 3.0% 23.2 6.5% 25.5 5.8%

3.2 2.7% 0.3 0.1% 4.0 1.1% 4.6 1.0%

14.2 12.1% - 0.0% - 0.0% 27.3 6.2%

48.5 41.6% 139.3 56.5% 209.9 59.1% 267.4 60.8%

45.6 39.1% 107.3 43.5% 145.5 40.9% 172.1 39.2%

1.8 1.5%

95.9 100.0% 246.5 100.0% 355.4 100.0% 439.5 100.0%

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2012 % 2013* % 2014 %

225.2 45.0% 92.8 21.7% 92.1 21.6%

41.0 8.2% 68.0 15.9% 53.2 12.5%

4.9 1.0% 8.9 2.1% 13.7 3.2%

35.5 7.1% 42.6 9.9% 50.6 11.9%

306.7 61.3% 212.3 49.5% 209.5 49.2%

193.5 38.7% 216.2 50.5% 216.2 50.8%

13.9 16.2 42.3

500.2 100.0% 428.5 100.0% 425.7 100.0%

Mills - EBITDA per business unit

In R$ million 1Q09 % 2Q09 % 3Q09 %

Heavy Construction 17.1 54.0% 19.1 44.7% 17.2 45.5%

Real Estate 7.1 22.6% 7.7 18.0% 7.3 19.4%

Industrial Services 0.2 0.6% 9.0 21.1% 5.3 14.1%

Rental 7.3 22.9% 7.0 16.3% 7.9 21.0%

Total EBITDA 31.6 100.0% 42.8 100.0% 37.7 100.0%

EBITDA margin (%) 38.4% 40.9% 36.7%

¹ Does not include the net profit from the sales of Industrial Services business unit and costs for legal and financial advice.

* Pro-forma result, including results for Industrial Service business unit.

4Q09 % 1Q10 % 2Q10 % 3Q10 % 4Q10 % 1Q11

20.3 44.6% 16.4 38.3% 21.6 42.9% 22.3 39.9% 13.3 29.2% 15.6

9.7 21.3% 10.3 24.0% 10.0 19.8% 11.9 21.4% 11.6 25.6% 12.3

6.3 13.8% 6.3 14.8% 6.9 13.8% 7.0 12.6% 5.8 12.8% 6.1

9.2 20.2% 9.8 22.9% 11.9 23.5% 14.6 26.2% 14.7 32.3% 18.9

45.6 100.0% 42.8 100.0% 50.5 100.0% 55.9 100.0% 45.4 100.0% 52.8

39.8% 37.0% 38.4% 37.6% 29.4% 36.4%

¹ Does not include the net profit from the sales of Industrial Services business unit and costs for legal and financial advice.

% 2Q11 % 3Q11 % 4Q11 % 1Q12 % 2Q12 %

29.4% 14.1 24.3% 8.6 17.0% 19.5 25.5% 18.9 21.6% 21.2 25.0%

23.2% 13.5 23.2% 16.4 32.2% 23.9 31.2% 26.3 30.1% 27.2 32.1%

11.6% 8.1 14.0% 4.1 8.1% 2.3 3.1% 6.2 7.1% 4.7 5.5%

35.8% 22.3 38.4% 21.7 42.7% 30.7 40.2% 30.3 34.7% 28.6 33.8%

100.0% 58.0 100.0% 50.8 100.0% 76.4 100.0% 87.4 100.0% 84.8 100.0%

35.4% 29.0% 39.5% 43.9% 40.2%

3Q12 % 4Q12 % 1Q13* % 2Q13* % 3Q13* %

24.1 24.9% 20.2 21.0% 24.3 22.9% 25.1 22.7% 29.4 26.9% 29.3

33.8 35.0% 26.1 27.2% 27.7 26.1% 24.6 22.3% 24.4 22.3% 17.1

0.1 0.1% 8.4 8.8% 6.3 5.9% 8.5 7.7% 3.3 3.0% 1.4

38.0 39.3% 36.9 38.4% 43.6 41.0% 49.3 44.7% 52.3 47.8% 56.0

96.7 100.0% 96.3 100.0% 106.3 100.0% 110.3 100.0% 109.4 100.0% 103.8

43.5% 39.0% 44.3% 40.6% 41.0% 43.1%

4Q13*e1

% 1Q14 % 2Q14 % 3Q14 % 4Q14 %

28.2% 25.6 23.8% 25.6 24.2% 21.4 32.1% 16.3 29.3%

16.5% 23.5 21.8% 25.2 23.8% (4.7) -7.0% 6.1 11.0%

1.3% - 0.0% - 0.0% - 0.0% - -

54.0% 58.4 54.3% 55.1 52.0% 50.0 74.9% 33.2 59.7%

100.0% 107.5 100.0% 105.9 100.0% 66.7 100.0% 55.6 100.0%

51.7% 49.7% 34.8% 30.6%

1Q15 % 2Q15 % 2009 % 2010 %

12.9 27.2% 12.5 23.9% 73.7 46.7% 73.6 37.8%

0.1 0.1% 0.2 0.4% 31.8 20.2% 43.9 22.6%

- - - 0.0% 20.8 13.2% 26.1 13.4%

34.4 72.6% 39.4 75.6% 31.3 19.9% 51.0 26.2%

47.4 100.0% 52.1 100.0% 157.6 100.0% 194.5 100.0%

28.9% 35.3% 39.0% 35.4%

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2011 % 2012 % % 2014 %

57.8 24.3% 85.5 23.4% 108.1 25.6% 88.9 26.5%

66.0 27.7% 119.3 32.7% 93.8 22.2% 50.1 14.9%

20.7 8.7% 19.4 5.3% 19.5 4.6% - 0.0%

93.6 39.3% 140.8 38.6% 201.2 47.6% 196.7 58.6%

238.1 100.0% 365.1 100.0% 422.6 100.0% 335.7 100.0%

35.1% 41.5% 42.2% 46.4%

2013*e1

Mills - Capex per business unit


Heavy Construction 2.6 1.4 9.3 8.9 21.6

Real Estate 0.3 1.8 6.6 7.1 11.2

Industrial Services 1.5 0.5 1.5 2.0 7.3

Rental 3.8 10.1 12.8 3.4 18.1

Corporate 0.8 0.5 0.3 1.3 0.5

Organic growth 9.0 14.2 30.5 22.7 58.7

Acquisition - - - - -

Total capex 9.0 14.2 30.5 22.7 58.7

2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

19.2 25.0 8.5 8.4 8.2 13.8 16.9 9.0

24.7 33.6 34.5 37.0 40.8 50.6 56.6 15.4

7.3 6.8 3.6 2.2 4.1 6.9 4.1 3.2

35.1 52.5 25.0 42.4 43.1 43.9 33.4 26.0

3.8 3.1 7.3 94.7 9.0 6.4 3.5 4.8

90.0 121.0 78.8 184.6 105.2 121.6 114.4 58.4

- - - 90.0 5.5 - - -

90.0 121.0 78.8 184.6 105.2 121.6 114.4 58.4

2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14

24.0 11.3 6.3 21.7 28.8 26.5 29.4 15.0

12.5 22.8 9.1 24.9 44.8 16.1 4.2 4.5

1.1 0.2 0.4 0.2 0.3 2.0 1.7 -

40.9 40.3 53.7 73.3 69.3 74.2 50.4 73.3

5.1 4.9 6.7 7.6 7.6 10.9 10.3 9.5

83.5 79.4 76.3 127.7 150.7 129.7 96.1 102.3

- - - - - - - -

83.5 79.4 76.3 127.7 150.7 129.7 96.1 102.3

2Q14 3Q14 4Q14 1Q15 2Q15 2009 2010 2011

11.3 9.1 12.1 0.5 4.6 0.3 0.2 0.1

8.9 1.7 4.2 0.6 0.5 - 0.2 190.5

- - - - - 5.4 25.0 17.3

28.5 3.0 0.5 0.0 0.0 - 0.2 0.2

6.0 5.7 5.8 5.2 4.5 70.6 322.9 222.3

54.7 19.5 22.6 6.4 9.7 76.3 348.5 430.4

- - - - - - - 95.5

54.7 19.5 22.6 6.4 9.7 76.3 348.5 525.9

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2012 2013 2014

0.2 107.6 47.5

0.2 92.1 19.3

4.9 4.2 -

0.2 270.5 105.3

292.2 36.5 27.1

297.6 510.9 199.1

- - -

297.6 510.9 199.1

Heavy Construction - Key financial indicators


Net revenue

Rental 28.9 31.5 31.4 33.5 29.8

Technical support services, sales and others 4.0 5.6 5.5 5.9 5.8

Total net revenue 32.8 37.1 36.9 39.4 35.7

EBITDA 17.1 19.1 17.2 20.3 16.4

EBITDA margin (%) 52.0% 51.5% 46.5% 51.6% 45.9%

ROIC (%) 33% 36% 30% 32% 24%

Capex 2.6 1.4 9.3 8.9 21.6

Invested Capital

Rental net PP&E 113.2 119.2 126.5 130.7 138.4

Others - - - - -

Invested Capital 113.2 119.2 126.5 130.7 138.4

Depreciation 2.9 3.0 3.2 4.3 3.6

¹ From 1Q13, ROICs and Invested Capital are reported consedering the last twelve months

Real Estate - Key financial indicators


Net revenue

Rental 14.0 14.2 14.6 15.3 16.5



EBITDA 7.1 7.7 7.3 9.7 10.3

EBITDA margin (%) 50.5% 52.4% 48.4% 53.3% 45.3%

ROIC (%) 27.4% 28.7% 25.6% 30.4% 29.2%

Capex 0.3 1.8 6.6 7.1 11.2

Invested Capital

Rental net PP&E 61.9 64.0 68.5 75.0 83.2

Others - - - - -


Depreciation 0.7 0.7 0.7 1.1 1.1


Rental - Key financial indicators

1T09 2T09 3T09 4T09 1T10


Net revenue

Rental 11.7 11.2 13.1 15.1 16.0



EBITDA 7.3 7.0 7.9 9.2 9.8

EBITDA margin (%) 60.4% 57.7% 54.2% 58.6% 57.0%

ROIC (%) 22.9% 19.8% 18.6% 20.5% 23.5%

Capex 3.8 10.1 12.8 3.4 18.1

Invested Capital

Rental net PP&E 64.0 67.8 81.5 82.8 80.6

Others - - - - -


Depreciation 1.7 1.9 2.2 2.8 2.6


Industrial Services - Key financial indicators²

1T09 2T09 3T09 4T09 1T10


Net revenue

Maintenance 10.1 15.0 12.3 12.5 12.4

New plants 23.4 40.8 36.1 41.2 40.0


EBITDA 0.2 9.0 5.3 6.3 6.3

EBITDA margin (%) 0.8% 22.1% 14.7% 15.3% 15.8%

ROIC (%) -6.5% 32.7% 16.4% 18.4% 17.7%

Capex 1.5 0.5 1.5 2.0 7.3

Invested Capital - - - - -

Depreciation 1.6 1.6 1.6 2.0 1.7

² Business unit sold in 2Q13

2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

32.4 32.7 26.8 25.0 24.3 27.3 32.5 33.1 36.9

9.3 10.0 7.4 6.8 6.2 5.9 3.5 6.3 5.0

41.7 42.7 34.2 31.8 30.6 33.2 36.1 39.3 41.9

21.6 22.3 13.3 15.6 14.1 8.6 19.5 18.9 21.2

51.9% 52.2% 38.8% 48.9% 46.2% 26.0% 54.0% 48.0% 50.6%

29% 25% 19% 14% 12% 4% 18% 17% 18%

19.2 25.0 8.5 8.4 8.2 13.8 16.9 9.0 24.0

162.2 184.4 200.6 160.2 160.5 166.9 177.9 181.9 190.1

- - - 43.7 49.2 48.9 44.1 44.2 49.3

162.2 184.4 200.6 203.9 209.7 215.8 222.0 226.1 239.4

3.9 4.5 4.8 5.1 5.1 5.2 5.6 5.5 6.0

2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

19.6 21.9 23.6 26.0 30.9 34.9 40.3 45.3 48.5

2.2 6.0 9.2 3.2 3.8 4.4 12.1 7.2 10.4

21.8 27.9 32.8 29.2 34.7 39.4 52.5 52.5 58.9

10.0 11.9 11.6 12.3 13.5 16.4 23.9 26.3 27.2

46.0% 42.8% 35.5% 42.0% 38.8% 41.6% 45.5% 50.1% 46.1%

23.6% 21.3% 22.3% 15.2% 13.0% 12.5% 16.3% 15.6% 14.8%

24.7 33.6 34.5 37.0 46.3 50.6 56.6 15.4 12.5

97.8 123.7 154.1 135.2 168.5 204.8 256.1 283.7 287.0

- - - 40.2 48.4 57.3 54.8 61.7 78.9

97.8 123.7 154.1 175.4 216.9 262.0 310.8 345.4 365.9

1.4 1.9 2.5 2.7 3.2 4.7 5.8 7.1 7.8

2T10 3T10 4T10 1T11 2T11 3T11 4T11 1T12 2T12

2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

19.3 23.9 25.7 30.8 36.7 42.3 47.2 50.5 50.6

2.0 1.9 5.1 2.9 4.5 3.3 7.7 6.0 4.8

21.3 25.8 30.8 33.7 41.2 45.6 54.9 56.5 55.4

11.9 14.6 14.7 18.9 22.3 21.7 30.7 30.3 28.6

55.8% 56.6% 47.6% 56.0% 54.1% 47.6% 56.0% 53.7% 51.7%

19.6% 17.3% 18.7% 17.3% 17.1% 12.9% 18.6% 20.3% 16.3%

35.1 52.5 25.0 42.4 43.1 43.9 33.4 26.0 40.9

114.0 154.5 187.8 202.0 231.8 267.0 294.8 315.7 325.5

- - - 10.3 28.5 39.3 39.9 37.6 45.7

114.0 154.5 187.8 212.4 260.3 306.3 334.8 353.2 371.2

3.4 4.5 5.0 5.8 6.4 7.6 8.5 9.3 9.7

2T10 3T10 4T10 1T11 2T11 3T11 4T11 1T12 2T12

2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

14.7 16.2 13.6 12.3 17.6 15.8 10.7 15.9 17.2

46.5 52.5 56.4 50.2 57.5 56.9 50.2 50.9 54.8

46.5 52.5 56.4 50.2 57.5 56.9 50.2 50.9 54.8

6.9 7.0 5.8 6.1 8.1 4.1 2.3 6.2 4.7

14.9% 13.4% 10.3% 12.2% 14.2% 7.2% 4.7% 12.1% 8.5%

17.3% 14.9% 14.8% 9.6% 14.2% 3.2% -1.2% 7.5% 3.9%

7.3 6.8 3.6 2.2 4.1 6.9 4.1 3.2 1.1

- - - - - - - - -

1.8 2.1 2.2 2.4 2.5 2.7 2.9 2.8 2.9

3Q12 4Q12 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

37.0 39.1 39.4 41.0 42.2 46.6 43.8 45.9 44.4

8.5 8.2 8.0 14.1 13.5 12.1 7.3 9.7 7.5

45.5 47.3 47.5 55.1 55.7 58.6 51.0 55.5 51.9

24.1 20.2 24.3 25.1 29.4 29.3 25.6 25.6 21.4

52.9% 42.7% 51.3% 45.5% 52.8% 49.9% 50.2% 46.2% 41.2%

20% 15% 18% 18% 18% 19% 18% 16% 13%

11.3 6.3 22.2 29.1 26.8 29.5 15.0 11.5 9.5

200.0 201.3 199.5 207.5 215.6 224.4 236.4 245.1 250.0

47.7 53.2 50.2 53.8 55.6 59.1 63.2 74.3 84.8

247.7 254.4 249.6 261.3 271.2 283.5 299.6 319.4 334.8

6.6 6.7 7.1 7.2 7.7 8.5 9.4 10.0 10.2

3Q12 4Q12 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

49.2 49.9 53.3 52.0 47.8 44.0 44.8 45.5 37.3

11.4 16.1 11.5 14.5 24.5 10.3 14.7 13.4 11.3

60.5 66.0 64.9 66.5 72.4 54.2 59.5 58.8 48.6

33.8 26.1 27.7 24.6 24.4 17.1 23.5 25.2 (4.7)

55.9% 39.6% 42.8% 37.0% 33.7% 31.5% 39.4% 42.8% -9.6%

20.2% 12.6% 15.0% 13.4% 10.6% 8.1% 6.7% 6.5% 2.1%

22.8 9.1 25.3 45.1 17.2 4.5 5.0 9.4 2.1

293.3 300.7 297.3 307.9 320.5 331.1 336.6 336.3 328.3

72.5 87.3 86.8 97.3 112.7 132.7 149.7 154.0 157.2

365.8 388.0 384.1 405.1 433.2 463.8 486.3 490.3 485.5

7.4 8.7 8.9 9.6 10.2 11.3 11.5 11.7 12.2

Colocar ¹3T12 4T12 1T13 2T13 3T13 4T13 1T14 2T14 3T14

3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

57.0 64.3 67.3 73.8 80.5 86.1 88.1 84.4 79.7

1Q131

1Q131

10.4 9.9 8.8 16.3 13.4 11.1 9.1 14.2 11.3

67.4 74.2 76.1 90.1 93.9 97.2 97.3 98.6 91.0

38.0 36.9 43.6 49.3 52.3 56.0 58.4 55.1 50.0

56.5% 49.8% 57.3% 54.7% 55.7% 57.7% 60.1% 55.8% 54.9%

19.8% 16.9% 18.0% 18.5% 18.1% 18.2% 17.8% 16.2% 14.5%

40.3 53.7 73.6 69.6 75.4 51.9 73.7 29.5 3.6

354.5 385.3 372.5 410.7 448.8 489.6 528.5 561.4 584.3

35.1 31.7 37.3 38.0 43.0 50.7 60.1 82.6 99.6

389.7 417.1 409.9 448.7 491.8 540.3 588.6 644.0 683.8

10.6 11.8 12.6 14.4 15.8 17.7 18.7 20.3 20.9

3T12 4T12 1T13 2T13 3T13 4T13

3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 2009 2010 2011

18.5 26.5 22.1 23.1 24.6 17.1 49.9 56.9 56.5

48.8 59.3 51.5 59.8 57.2 39.9 141.4 195.4 214.8

48.8 59.3 51.5 59.8 57.2 39.9 141.4 195.4 214.8

0.1 8.4 6.3 8.5 3.3 1.4 20.8 26.1 20.7

0.2% 14.2% 12.2% 14.3% 5.7% 3.5% 14.7% 13.4% 9.7%

-6.2% 13.3% 8.9% 16.4% 9.5% 5.7% 15.0% 16.0% 5.9%

0.2 0.4 0.3 0.4 2.0 2.2 5.4 25.0 17.3

- - - - - - - - -

2.9 2.8 2.7 2.7 0.2 0.2 6.7 7.8 10.5

4Q14 1Q15 2Q15 2009 2010 2011 2012 2013 2014

43.4 36.5 35.6 125.3 121.8 109.2 146.1 169.3 177.4

9.1 14.6 6.2 20.9 32.4 22.5 28.0 47.7 33.6

52.5 51.1 41.8 146.2 154.3 131.6 174.1 217.0 211.0

16.3 12.9 12.5 73.7 73.6 57.8 84.3 108.1 88.9

31.0% 25.3% 29.8% 50.4% 47.7% 43.9% 48.5% 49.8% 42.1%

10% 7% 4% 32.9% 24.1% 12.1% 17.2% 19.2% 9.9%

12.1 0.5 4.6 22.1 74.3 47.3 50.5 107.6 48.2

250.0 248.8 243.4 121.1 171.1 166.7 192.8 224.4 250.0

98.1 103.6 105.6 - - 46.6 48.9 59.1 98.1

348.1 352.4 349.0 121.1 171.1 213.3 241.7 283.5 348.1

10.2 10.6 10.5 13.3 16.8 20.9 24.8 30.5 39.8

4Q14 1Q15 2Q15 2009 2010 2011 2012 2013 2014

34.2 26.7 25.0 58.1 81.6 132.2 192.9 197.2 161.8

11.2 6.6 6.6 4.0 23.5 23.6 45.1 60.8 50.5

45.4 33.2 31.6 62.2 105.1 155.8 238.0 258.0 212.4

6.1 0.1 0.2 31.8 43.9 66.0 113.4 93.8 50.1

13.5% 0.2% 0.7% 51.2% 41.7% 42.4% 47.7% 36.4% 23.6%

0.4% -3.3% -7.6% 26.9% 23.5% 14.3% 15.7% 8.1% 0.4%

4.2 0.7 0.5 15.8 104.0 190.5 59.8 92.1 20.7

317.1 307.0 296.2 70.1 114.7 191.7 291.1 331.1 317.1

152.4 141.6 129.3 - - 49.8 75.6 132.7 152.4

469.5 448.6 425.5 70.1 114.7 241.4 366.7 463.8 469.5

12.2 11.9 11.7 3.3 6.8 16.5 31.0 40.1 47.5

4T14 1T15 2T15

4Q14 1Q15 2Q15 2009 2010 2011 2012 2013 2014

71.8 69.3 65.3 51.1 84.9 157.0 222.5 307.7 324.0

Menu

12.2 10.3 9.2 3.3 10.1 18.4 31.0 49.6 46.8

83.9 79.6 74.5 54.4 95.1 175.4 253.5 357.3 370.8

33.2 34.4 39.4 31.3 51.0 93.6 133.9 201.2 196.7

39.6% 43.3% 53.0% 57.6% 53.6% 53.4% 52.8% 56.3% 53.0%

11.5% 8.8% 7.4% 21.4% 19.2% 16.5% 18.2% 18.2% 11.5%

1.9 0.7 0.4 30.1 130.6 162.8 160.9 270.5 108.7

590.8 588.2 570.2 70.3 134.1 248.5 345.6 489.6 590.8

113.9 124.7 128.5 - - 29.4 37.5 50.7 113.9

704.6 712.9 698.7 70.3 134.1 277.8 383.1 540.3 704.6

21.0 20.9 20.8 8.6 15.6 28.2 41.4 60.5 80.9

2012 2013

78.0 86.8

213.8 208.3

213.8 208.3

19.4 19.5

9.1% 9.4%

4.6% 10.9%

4.9 5.0

- -

11.4 5.8

Mills - Income Statement

in R$ million 1Q09 2Q09 3Q09

Net revenue from sales and services 82.4 104.6 102.7

Cost of products sold and services rendered (32.8) (42.4) (43.4)

Gross profit 49.5 62.1 59.3

Other operational revenues - - -

General and administrative expenses (24.8) (26.5) (29.3)

Operating profit 24.7 35.6 30.0

Financial expense (7.0) (6.1) (5.7)

Financial income 0.2 0.3 0.2

Financial result (6.8) (5.9) (5.5)

Profit before taxation 17.9 29.7 24.5

Income tax and social contribution expenses (6.0) (9.7) (8.0)

Results of continued operations 12.0 20.1 16.6

Other operational revenues - - -

Results of continued operations 12.0 20.1 16.6

Number of shares at the end of the period (in thousands) 87,220 87,220 87,220

Net income per shares at the end of the period (R$) 0.14 0.23 0.19

¹ Reclassified, excluding Industrial Services business unit, for comparison.

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

114.6 115.5 131.3 148.9 154.2 145.0 164.0

(51.0) (49.6) (58.2) (70.5) (76.5) (71.3) (81.2)

63.6 65.9 73.1 78.4 77.7 73.7 82.8

- - - - - - -

(28.2) (32.1) (33.2) (35.5) (46.9) (36.8) (42.0)

35.4 33.8 39.9 42.9 30.8 36.8 40.7

(6.5) (6.2) (6.6) (7.2) (4.4) (5.1) (12.3)

0.3 0.5 6.3 7.1 4.8 2.1 5.4

(6.2) (5.8) (0.3) (0.1) 0.5 (3.1) (7.0)

29.2 28.1 39.6 42.8 31.3 33.8 33.8

(9.5) (9.4) (13.5) (14.4) (1.2) (11.6) (11.2)

19.8 18.7 26.1 28.5 30.1 22.2 22.6

- - - - - - -

19.8 18.7 26.1 28.5 30.1 22.2 22.6

87,421 87,421 124,611 124,611 125,495 125,495 125,495

0.23 0.21 0.21 0.23 0.24 0.18 0.18

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

175.1 193.5 148.3 156.3 173.4 187.5 188.4 211.8

(92.3) (95.6) (48.5) (54.3) (61.7) (73.7) (68.4) (87.3)

82.8 97.9 99.7 102.0 111.8 113.9 120.0 124.5

- - ### - - - - -

(52.1) (44.2) (40.4) (45.4) (40.3) (57.9) (48.6) (54.0)

30.7 53.7 59.3 56.6 71.5 56.0 71.4 70.5

(16.6) (12.5) (10.8) (9.9) (9.8) (14.4) (11.3) (16.8)

4.6 2.7 1.1 0.9 1.0 7.6 2.1 5.0

(12.0) (9.9) (9.7) (9.0) (8.8) (6.7) (9.2) (11.8)

18.8 43.8 49.6 47.6 62.6 49.2 62.2 58.7

(0.9) (14.3) (17.0) (8.5) (22.2) (11.0) (20.2) (11.3)

17.9 29.5 32.6 39.0 40.4 38.3 41.9 47.4

- - 1.2 0.6 (2.4) 1.2 1.6 3.5

17.9 29.5 33.8 39.6 38.0 39.4 43.6 50.9

125,591 125,657 125,690 126,149 126,314 126,399 126,492 127,120

0.14 0.24 0.27 0.31 0.30 0.31 0.34 0.40

1Q131 2Q131

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15

222.0 210.1 207.8 213.0 191.5 181.9 163.9 147.9

(93.5) (85.7) (79.0) (89.9) (102.7) (90.7) (86.1) (87.1)

128.5 124.4 128.8 123.0 88.7 91.2 77.8 60.8

- 8.3 - - - - - -

(50.8) (71.9) (61.9) (66.3) (66.1) (79.6) (73.8) (51.8)

77.6 60.7 66.9 56.8 22.7 11.6 4.0 9.0

(14.8) (17.0) (20.6) (25.9) (28.2) (18.1) (26.1) (23.0)

2.5 3.5 4.0 7.5 10.4 3.3 7.7 6.9

(12.3) (13.5) (16.5) (18.4) (17.8) (14.8) (18.4) (16.1)

65.3 47.2 50.3 38.4 4.9 (3.2) (14.4) (7.1)

(21.5) (12.7) (16.5) (5.0) (1.7) (3.0) (0.1) (1.1)

43.9 34.5 33.9 33.4 3.2 (6.2) (14.5) (8.2)

1.0 (1.2) - - - - - -

44.9 33.3 33.9 33.4 3.2 (6.2) (14.5) (8.2)

127,314 127,386 127,491 128,026 128,058 128,058 128,058 128,058

0.35 0.26 0.27 0.26 0.03 (0.05) (0.11) (0.06)

Menu

3Q131 4Q131

Mills - Balance Sheet


Assets

Current Assets

Cash and cash equivalents 13.0 2.6 8.3

Marketable securities - - -

Trade receivables 45.1 62.3 70.7

Inventories 0.7 1.3 ###

Recoverable taxes 20.0 20.5 20.9

Advances to suppliers - - -

Marketable securities - - -

Assets available for sale - - -

Other current assets 2.3 ### 3.9

Total Current Assets 81.1 89.0 105.1

Non-Current Assets

Trade receivables 5.2 5.0 4.7

Recoverable taxes 0.1 0.2 ###

Deferred taxes 17.0 16.5 16.6

Deposits in court 6.5 6.6 6.0

Other current assets - - -

28.8 28.3 27.5

Investment - - -

Property, plant and equipment 234.4 241.4 262.7

Intangible assets 39.1 ### 39.1

273.5 280.5 301.8

Total Non-Current Assets 302.3 308.8 329.3

Total Assets 383.4 397.8 434.4

1T09 2T09 3T09


Liabilities

Current Liabilities

Suppliers 5.6 12.2 12.6

Borrowings and financings 49.0 50.6 56.6

Debentures - - -

Salários e encargos sociais 12.6 15.6 18.0

Income tax and social contribution 2.3 4.3 4.5

Tax refinancing program (REFIS) - - -

Taxes payable 2.7 4.1 4.6

Profit sharing payable 12.0 6.6 9.2

Dividends and interest on equity payable 7.5 - -

Derivative financial instruments - - -

Advances on assets held for sale - - -

Liabilities associated with assets available for sale - - -

Other current liabilities 0.3 0.2 0.9

Total Current Liabilities 92.0 93.6 106.4

Non-Current Liabilities

Borrowings and financings 139.4 130.4 135.3

Derivative financial instruments - - -

Debentures - - -

Provision for tax, civil and labor risks 22.6 22.9 24.0

Taxes payable 0.6 ### 2.7

Deferred taxes - - -

Tax refinancing program (REFIS) - - (2.1)

Trades receivable - stock option plan 0.5 ### 0.5

Other non-current liabilities - - -

Total Non-Current Liabilities 163.1 154.4 160.4

Total Passivo 255.1 248.0 266.8

Stockholders' Equity

Capital 80.5 80.6 ###

Earnings reserves 34.1 ### 34.1

Capital reserves - - -

Valuation adjustments to equity 2.7 3.8 4.8

Retained earnings 12.0 32.1 48.6

Total Stockholders' Equity 129.3 150.6 168.1

Total Liabilities and Stockholders' Equity 384.4 398.6 434.9

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

1.6 1.8 3.1 196.9 6.2 4.3 179.0 72.2

- - 298.9 - 136.1 11.0 - -

71.5 84.6 96.7 107.1 122.1 122.6 127.5 126.5

1.4 2.0 2.4 3.9 5.6 6.7 10.1 11.8

25.7 14.8 15.6 20.3 26.2 19.0 22.2 21.2

- 2.8 - 8.3 7.3 9.1 9.0 9.6

- - - - - - - -

- - - - - - - -

4.1 3.4 7.8 3.4 4.4 3.6 5.2 4.1

104.2 109.4 424.5 339.9 307.9 176.5 352.9 245.4

4.4 4.3 4.1 4.0 3.8 3.4 3.1 3.2

0.2 ### 0.2 4.4 3.9 3.9 3.0 28.5

10.0 9.5 8.9 13.2 8.1 8.4 8.5 22.0

6.0 6.1 6.4 6.4 7.3 7.3 7.5 7.8

- - - - - - - -

20.6 20.1 19.5 28.0 23.1 23.1 22.1 61.4

- - - - - 90.0 88.0 88.0

276.0 322.3 394.7 495.8 551.2 621.2 698.4 788.6

39.3 39.3 39.3 39.6 41.9 41.8 42.0 44.7

315.3 361.6 434.0 535.4 593.1 753.0 828.4 921.2

335.8 381.7 453.5 563.4 616.2 776.0 850.4 982.7

440.1 491.1 878.1 903.3 924.1 952.5 1,203.3 1,228.1

4T09 1T10 2T10 3T10 4T10 1T11 2T11 3T11

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

11.7 23.3 21.0 28.6 32.7 24.3 32.3 12.1

56.8 59.0 47.4 46.0 46.7 78.2 40.6 41.0

- - - - - - 6.4 15.8

14.7 20.2 21.2 26.2 21.3 26.9 28.7 33.3

0.1 3.3 1.7 3.2 - 3.3 2.9 0.0

0.8 0.8 0.8 0.7 0.7 0.9 0.9 0.7

4.0 2.7 4.1 4.4 7.9 3.4 3.8 9.9

13.8 3.7 7.7 10.9 17.5 1.4 3.5 4.7

16.2 15.5 - - 24.5 24.5 0.4 18.9

- - - - 7.0 - 11.3 5.0

- - - - - - - -

- - - - - - - -

1.3 1.3 2.2 7.4 2.4 12.0 2.2 5.1

119.4 129.8 106.2 127.3 160.8 175.0 133.0 146.5

127.1 147.2 120.2 96.5 85.9 78.7 81.6 77.1

- - - - - - - -

- - - - - - 268.2 268.3

8.5 8.8 9.6 9.1 11.1 11.3 11.7 12.7

0.4 0.3 0.3 0.3 - - - -

- - - 5.0 - - - 9.4

11.0 11.2 11.5 9.8 10.0 10.5 10.7 10.4

0.6 ### - - - - - -

0.6 1.0 1.0 0.9 1.0 0.8 0.6 0.6

148.2 169.2 142.6 121.6 108.2 101.3 372.9 378.6

267.7 299.0 248.7 248.9 268.9 276.3 505.9 525.1

80.7 97.5 523.5 ### 525.1 ### 525.1 526.8

86.2 70.0 ### 70.0 145.2 144.8 144.4 144.1

- - (8.4) (8.1) (8.2) (7.7) (6.9) (6.5)

5.7 5.8 (0.5) (4.2) (7.0) (8.6) (10.7) (3.1)

- 18.7 44.8 73.2 - 22.6 45.5 41.8

172.6 192.1 629.3 654.4 655.2 676.2 697.5 703.1

440.3 491.1 878.1 903.3 924.1 952.5 1,203.3 1,228.1

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13

35.2 30.3 29.3 299.4 44.2 24.5 47.3 45.7

- - - - 159.6 138.0 - -

139.1 140.1 156.5 168.1 194.8 199.4 165.1 174.1

11.2 15.1 15.0 21.3 26.9 29.9 30.9 30.9

22.1 22.8 27.5 27.8 35.0 26.5 35.8 31.3

11.5 3.8 7.0 6.9 6.7 5.5 0.7 0.3

2.8 - 1.3 0.0 - - 4.0 0.4

- - - - - - 106.7 95.2

3.0 4.2 4.7 4.6 6.5 7.2 8.6 9.4

224.9 216.3 241.2 528.0 473.7 431.1 399.1 387.4

2.6 2.4 2.5 2.5 2.5 2.1 2.1 2.1

31.6 30.9 30.4 29.5 30.7 31.2 34.8 42.3

4.9 6.8 7.0 2.8 - - - -

10.9 11.0 11.4 11.5 11.9 11.8 11.7 9.7

- - - - - - - -

50.0 51.2 51.4 46.3 45.1 45.1 48.6 54.0

87.4 ### 87.4 87.4 87.4 87.4 87.4 87.4

872.9 897.2 943.0 978.6 1,003.3 1,084.3 1,124.1 1,189.4

45.5 47.2 49.1 51.6 54.5 57.5 59.9 64.2

1,005.8 1,031.7 1,079.5 1,117.6 1,145.3 1,229.2 1,271.4 1,341.0

1,055.8 1,082.9 1,130.9 1,163.9 1,190.4 1,274.3 1,319.9 1,395.0

1,280.6 1,299.2 1,372.1 1,691.9 1,664.1 1,705.4 1,719.0 1,782.5

4T11 1T12 2T12 3T12 4T12 1T13 2T13 3T13

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13

35.9 19.8 47.3 46.1 47.8 58.5 70.1 61.1

65.3 64.1 114.9 109.1 41.8 38.5 15.7 14.5

6.1 13.8 4.6 13.2 13.0 17.8 110.6 110.0

25.0 26.3 32.1 37.2 27.6 33.3 23.8 25.9

2.7 5.3 - 4.7 - 5.8 0.8 9.8

0.4 0.1 0.9 0.9 0.9 0.9 0.9 0.9

8.1 8.1 10.5 9.9 18.6 7.7 10.7 7.1

7.9 3.6 7.9 11.8 20.1 4.1 10.8 15.0

21.9 ### 18.8 18.8 36.2 36.2 20.4 20.4

- 0.1 - - 0.8 1.6 - -

- - - - - - - 25.2

- - - - - - 12.7 14.6

4.4 5.2 4.9 6.3 7.8 8.8 3.1 3.1

177.7 168.2 241.7 258.0 214.5 213.1 279.7 307.7

71.1 68.2 42.0 40.4 30.2 30.5 23.5 20.8

- - - - - - - -

268.4 268.5 268.6 537.3 537.5 537.7 447.8 448.0

16.1 14.7 16.0 11.0 9.9 10.3 10.6 10.4

- - - - - - - -

- - - - 2.4 1.8 5.5 1.0

10.5 10.7 10.0 9.9 9.8 9.7 9.6 9.5

- - - - - - - -

0.6 0.5 0.7 0.6 0.4 0.3 0.2 0.0

366.7 362.7 337.3 599.2 590.2 590.4 497.3 489.8

544.5 531.0 579.0 857.2 804.7 803.5 776.9 797.6

527.6 528.0 533.6 536.2 537.6 539.5 548.8 551.9

212.0 211.7 211.3 210.9 321.8 321.4 321.0 321.0

(5.6) (4.7) (3.8) (1.9) 0.2 2.2 4.7 7.2

2.1 0.2 1.1 0.3 (0.3) (0.8) 2.9 0.5

- 33.0 50.9 89.2 - 39.6 64.6 104.3

736.1 768.2 793.1 834.7 859.3 901.9 942.1 984.9

1,280.6 1,299.2 1,372.1 1,691.9 1,664.1 1,705.4 1,719.0 1,782.5

4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15

25.8 8.5 93.7 161.1 193.7 214.0 138.0

- - - - - - -

177.4 192.2 199.1 177.9 156.8 126.4 121.1

36.3 36.6 37.8 32.0 21.8 19.9 21.4

38.7 33.6 32.6 29.8 28.7 28.6 29.8

0.5 0.2 0.3 0.2 0.2 0.1 0.2

7.5 - - 0.1 1.2 - -

26.8 27.4 16.5 17.0 17.5 18.0 18.5

6.5 9.8 8.0 4.7 5.6 6.6 7.5

319.5 308.2 388.2 422.7 425.3 413.7 336.6

1.4 1.4 1.3 0.9 1.4 1.2 -

42.8 44.2 41.6 36.4 32.0 26.8 22.1

- 5.0 10.4 20.0 24.9 27.1 23.7

10.1 10.4 10.3 10.5 10.4 10.9 11.4

47.3 48.4 49.6 34.0 34.9 35.9 37.0

101.5 109.5 113.1 101.7 103.7 101.9 94.2

87.4 87.4 87.4 87.4 87.4 87.4 87.4

1,224.5 1,264.8 1,265.5 1,230.9 1,200.1 1,154.4 1,113.3

68.4 73.8 75.0 76.0 76.1 76.5 76.3

1,380.3 1,426.1 1,427.9 1,394.3 1,363.7 1,318.4 1,277.0

1,481.8 1,535.6 1,541.1 1,496.0 1,467.4 1,420.3 1,371.2

1,801.2 1,843.8 1,929.2 1,918.7 1,892.7 1,833.9 1,707.9

4T13 1T14 2T14 3T14 3T14 3T14 3T14

4Q13 1Q14 2Q14 3Q14 3Q14 3Q14 3Q14

37.9 55.4 29.1 18.6 16.5 14.9 11.1

12.8 49.1 45.4 46.4 49.6 3.2 3.2

112.5 120.2 107.1 109.6 105.3 114.3 107.8

19.2 23.6 24.3 25.3 19.4 20.0 21.7

- 6.2 2.7 2.9 2.5 - -

1.0 1.0 1.0 1.0 1.0 1.0 1.1

7.1 4.6 8.6 4.7 4.0 2.9 2.9

Menu

18.7 0.6 1.7 - - - -

41.0 41.0 21.8 21.8 21.8 21.8 0.0

- 3.3 5.2 1.2 - - 0.0

- - - - - - -

- - - - - - -

4.9 3.5 5.1 2.1 1.0 1.2 0.2

255.0 308.5 252.0 233.6 221.2 179.4 148.1

58.7 17.2 16.5 15.7 14.9 14.3 13.5

0.3 - - - - - -

448.2 448.4 572.1 573.3 575.5 580.3 493.7

10.6 11.4 11.6 12.8 12.6 12.4 12.0

- - - - - - -

2.5 - - - - - -

9.4 9.4 9.3 9.2 9.1 9.0 8.9

- - - - - - -

- 0.1 0.1 - - - -

529.7 486.5 609.5 611.0 612.1 616.0 528.1

784.7 795.0 861.5 844.6 833.3 795.3 676.2

553.2 554.9 563.1 563.3 563.3 563.3 563.3

447.9 447.9 447.9 447.9 487.0 487.0 487.0

10.2 12.4 14.9 17.3 8.8 2.5 4.8

5.2 (0.2) (0.2) 0.3 0.2 0.2 0.2

- 33.9 42.2 45.4 - (14.5) (22.7)

1,016.5 1,048.8 1,067.7 1,074.1 1,059.4 1,038.6 1,032.7

1,801.2 1,843.8 1,929.2 1,918.7 1,892.7 1,833.9 1,708.9

Mills - Cash flow

In R$ million 1Q09Cash flow from operating activities

Net income before taxation 12.0

Adjustments

Depreciation and amortization 6.9

Provision for tax, civil and labor risks -

Accrued expenses on stock options 1.0

Profit sharing payable -

Residual value of fixed and intangible assets 0.4

Tax refinancing program (REFIS) -

Gain on sale of property, plant and equipment and intangible assets -

Marketable securities income -

Interest, monetary and exchange rate variation on loans, contingencies and deposits in court 6.8

Allowance for doubtful debts -

Others -

Capital gain on disposal of investment -

Income tax and social contribution deferred

15.1

Changes in assets and liabilities

Trade receivables 6.5

Inventories (0.3)

Recoverable taxes 1.9

Deposits in court 0.0

Prepaid expenses 0.1

Prepaid suppliers 0.2

Other assets (0.8)

Suppliers (7.9)

Salaries and payroll charges (0.5)

Income tax and social contribution (0.3)

Tax recovery program - Law 11,941/2009 -

Taxes payable (0.9)

Profit sharing payable 3.4

Provision for contingencies 0.3

Other liabilities 0.2

1.9

Cash from operations 29.0

Interest paid (3.3)

Income tax and social contribution paid -

Profit sharing paid -

Lawsuits settled -

Net cash generated by operating activities 25.7

Cash flow from investment activities

Marketable securities -

Advances on assets held for sale -

Acquisitions of investments -

Purchases of property, plant and equipment and intangible assets (9.0)

Proceeds from sale of property, plant and equipment and intangible assets -

PIS and COFINS tax credits from acquisition of rental equipment (1.0)

Asset write-off -

Net cash generated by (used in) investing activities (10.0)

Cash flow from financing activities

Capital contributions -

Shares in treasury -

Costs of issues of shares -

Dividends and interest on capital invested paid -

Repayment of borrowings (8.4)

Borrowings raised 3.8

Net cash generated by (used in) financing activities (4.6)

Increase (decrease) in cash and cash equivalents 11.0

Cash and cash equivalents at the beginning of the period 1.8

Cash and cash equivalents at the end of the period 13.0

2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

20.1 16.6 29.2 28.1 39.6 42.8 31.3 33.8

7.1 9.0 10.1 8.9 10.6 13.0 14.5 16.0

- - 0.2 - - 0.6 0.8 0.2

1.0 1.7 1.1 0.1 (0.4) 0.5 0.3 0.4

- - 6.1 3.8 4.0 3.2 6.6 1.4

0.1 0.3 - (0.1) 0.1 0.0 - -

- - - - - (1.3) 0.3 -

- - (0.9) (1.5) (4.2) (4.3) (3.8) (2.9)

- - - - (6.2) (6.6) 8.0 (1.6)

5.8 5.5 2.9 6.0 4.8 5.3 5.9 4.3

- - - - - - 0.8 0.5

- - - - - - - -

- - - - - - - -

14.1 16.4 19.6 17.3 8.7 10.2 33.4 18.3

(17.0) (8.2) (0.2) (13.0) (11.9) (10.3) (15.6) (0.6)

(0.6) 0.1 (0.1) (0.7) (0.4) (1.5) (1.7) (1.1)

(0.4) (0.4) (9.0) 14.4 5.8 (13.6) 4.1 4.2

(0.0) 0.6 (0.7) 0.0 (0.4) 0.0 (1.0) 0.0

0.2 0.3 (0.0) - - - - -

0.1 (1.3) - - - - - -

(0.1) (0.3) (0.9) (1.9) (1.6) (3.9) (0.0) (0.7)

6.6 0.4 (0.9) 11.6 (2.3) 7.6 4.1 (8.4)

2.9 2.4 (3.3) 5.5 1.0 4.9 (4.9) 5.6

2.0 0.2 - - - - - -

- (2.2) - - - - - -

1.4 2.6 (2.1) (1.8) 3.2 (1.9) (0.3) (1.0)

(5.4) 2.7 - - - - - -

0.3 1.1 - - - - - -

(0.0) 0.1 6.8 0.5 1.3 0.2 (0.5) 5.1

(10.1) (1.8) (10.5) 14.6 (5.3) (18.5) (15.7) 3.0

24.1 31.2 38.3 60.0 43.1 34.6 49.0 55.1

(6.2) (2.9) (6.8) (3.8) (7.4) (2.5) (5.5) (4.3)

- - (7.3) (5.7) (16.1) (1.5) (8.7) (2.2)

- - (0.0) (13.9) (0.0) 0.0 - (17.5)

- - - - - - - -

17.8 28.3 24.2 36.6 19.5 30.6 34.8 31.1

- - - - (292.7) 113.4 48.0 126.7

- - - - - - - -

- - - - - - - -

(14.2) (30.5) (22.7) (58.7) (89.9) (119.9) (80.0) (94.6)

- - 1.0 1.6 4.5 5.4 6.5 4.2

(0.1) (0.3) - - - - - -

0.0 - - - - - - -

(14.2) (30.8) (21.7) (57.2) (378.1) (1.1) (25.5) 36.2

0.1 - 0.1 (13.8) 425.9 - 1.7 -

- - - - - - - -

- - - 14.5 (14.5) (0.2) (0.4) -

(7.5) - - - (15.5) - - (3.6)

(11.8) (9.6) (15.1) (10.9) (46.8) (31.0) (10.7) (6.3)

4.8 17.5 5.8 31.0 10.8 3.3 1.5 30.7

(14.4) 7.9 (9.2) 20.7 359.9 (27.9) (7.9) 20.8

(10.8) 5.3 (6.8) 0.2 1.3 1.7 1.4 88.1

13.0 2.6 8.3 1.6 1.8 3.1 4.8 6.2

2.6 8.3 1.6 1.8 3.1 4.8 6.2 4.3

2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

33.8 18.8 43.8 50.3 47.8 58.6 54.0 60.4

17.2 20.2 22.8 24.7 26.4 27.4 30.1 31.3

0.4 1.0 0.2 1.0 1.0 (4.8) (1.1) 0.5

0.8 0.9 0.9 0.9 0.9 1.9 2.1 2.0

2.1 1.2 3.2 3.6 4.3 3.9 8.4 4.0

- - - - - ### - -

0.9 (0.6) 0.9 - (0.0) (0.0) (0.1) -

(6.3) (5.8) (4.3) (7.4) (6.1) (8.8) (3.7) (10.2)

1.6 - (1.5) - - ### 0.1 -

11.3 13.5 9.9 11.5 8.9 12.1 14.4 12.6

1.9 9.2 (0.3) 6.4 3.8 2.0 3.9 5.0

(0.1) 0.1 - - (0.1) (0.0) - -

- - - - - ### - -

29.8 39.8 31.7 40.8 39.0 33.7 54.0 45.3

(6.1) (8.7) (11.8) (7.2) (20.2) (13.6) (30.7) (9.1)

(3.3) (1.8) 0.6 (3.9) 0.1 (6.3) (5.7) (3.0)

7.2 (21.6) 4.2 3.4 3.9 5.6 0.6 14.9

(0.2) (0.3) 0.1 (0.1) (0.5) (0.0) (0.4) 0.0

- - - - - ### - -

- - - - - ### - -

(1.7) 0.5 (3.7) 9.3 (4.9) 1.5 (1.6) 0.4

4.2 (0.7) 6.0 (1.5) (2.0) (2.4) (0.1) 2.4

1.8 4.6 (8.3) 1.3 5.8 5.1 (9.6) 5.7

- - - - - ### - -

- - - - - ### - -

0.3 3.0 (5.3) (0.0) (0.6) 2.5 8.6 (10.9)

- - - - - ### - -

- - - - - ### - -

(5.1) 4.2 (0.5) (1.0) 1.0 1.8 1.4 1.6

(2.9) (20.8) (18.5) 0.3 (17.4) (6.0) (37.5) 2.1

60.7 37.8 57.0 91.4 69.4 86.4 70.5 107.7

(2.8) (2.9) (22.2) (2.5) (19.0) (3.1) (22.5) (7.9)

(8.5) (7.0) (2.7) (15.1) (16.2) (8.4) (15.3) (8.9)

- - (0.0) (7.9) - ### - (20.0)

- - - (2.6) - ### - (0.1)

49.4 27.9 32.1 63.3 34.2 74.9 32.6 70.8

9.4 - 1.5 - - ### (159.6) 21.6

- - - - - ### - -

- - - - - ### - -

(96.0) (137.6) (102.1) (73.0) (53.9) (78.1) (74.5) (119.5)

8.1 7.3 6.6 9.7 9.5 8.5 14.6 8.3

- - - - - ### - -

- - - - - ### - -

(78.5) (130.3) (94.0) (63.3) (44.5) (69.6) (219.6) (89.7)

- 1.7 0.8 0.4 5.6 2.6 1.4 1.9

- (0.5) (0.0) - (0.0) - - -

- - - - - ### - -

(24.1) (0.4) 3.6 - (21.9) - - -

(63.8) (8.2) (8.0) (8.7) (7.1) (9.7) (69.6) (3.7)

295.1 3.0 27.8 3.4 32.7 272.0 - 1.0

207.3 (4.4) 24.2 (4.9) 9.3 264.8 (68.2) (0.9)

178.1 (106.8) (37.6) (4.9) (1.0) 270.1 (255.2) (19.7)

4.3 179.0 72.2 35.2 30.3 29.3 299.4 44.2

179.0 72.2 35.2 30.3 29.3 299.4 44.2 24.5

2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15

60.5 61.8 57.9 50.3 38.4 4.9 (3.2) (14.4)

34.0 33.9 37.7 39.6 42.1 43.3 43.4 43.4

0.5 0.3 0.1 0.8 0.6 1.5 (1.9) (0.5)

2.5 2.4 3.1 2.2 2.5 2.4 2.5 2.5

6.8 4.2 3.7 0.5 1.2 (1.7) - -

- - - - - - - -

- - - - - - - -

(11.5) (16.5) (8.5) (10.1) (11.4) (12.0) (10.4) (14.4)

- - - - - - - -

14.5 13.4 15.9 17.2 18.9 18.9 25.6 22.9

2.7 5.2 4.3 6.5 4.9 8.7 22.2 21.0

- - 1.3 - - 12.3 3.4 1.9

- - (8.3) - - - - -

49.4 42.9 49.2 56.7 58.8 73.3 84.9 76.8

(21.1) (1.0) (13.3) (21.4) (11.5) 12.9 (2.2) 4.3

(0.9) (0.1) (5.3) (0.3) (1.2) (2.0) 0.2 0.0

(1.4) 14.1 (0.0) 5.9 8.4 8.6 6.6 7.2

0.1 2.0 (0.4) 0.1 0.2 (0.1) 0.2 (0.4)

- - - - - - - -

- - - - - - - -

(0.7) 3.1 2.8 (2.9) 1.7 3.4 (0.4) (1.0)

(2.5) (0.2) (1.1) (1.8) 1.5 1.0 (0.3) (1.7)

3.3 4.0 (6.6) 4.4 0.7 1.0 (5.8) 0.6

- - - - - - - -

- - - - - - - -

3.0 (3.6) 0.1 (0.0) 4.0 (0.6) (0.7) (1.1)

- - - - - - - -

- - - - - - - -

(7.6) (0.1) 2.5 (1.3) 1.4 (3.2) (1.2) 0.2

(27.8) 18.2 (21.4) (17.3) 5.1 21.1 (3.7) 8.2

82.2 122.9 85.7 89.7 102.3 99.3 78.0 70.6

(12.8) (14.4) (13.7) (9.7) (20.2) (16.8) (23.0) (15.0)

(17.7) (9.6) (29.3) (7.1) (13.4) (10.7) (7.6) (6.3)

(0.1) - (0.0) (18.6) - - - -

(0.2) (0.5) - - (0.4) (0.2) - (0.0)

51.4 98.5 42.7 54.2 68.3 71.6 47.4 49.3

138.0 - - - - - - -

- 25.2 - - - - - -

- - - - 11.3 16.6 - -

(136.7) (139.6) (118.7) (82.9) (82.5) (31.0) (18.3) (6.4)

25.3 17.4 20.4 15.3 13.8 16.8 15.7 27.5

- - - - - - - -

- - - - - - - -

26.7 (96.9) (98.3) (67.7) (57.4) 2.4 (2.6) 21.1

9.3 3.1 1.3 1.6 8.2 0.3 - -

- - - - - - (11.0) (8.8)

- - - - - - - -

(36.2) (3.0) (2.6) (2.5) (41.0) (3.3) - -

(28.6) (3.2) (3.1) (3.0) (292.8) (3.6) (1.2) (41.2)

0.1 - 40.0 - 400.0 - - -

(55.4) (3.1) 35.6 (3.9) 74.4 (6.6) (12.2) (50.0)

22.8 (1.6) (19.9) (17.3) 85.3 67.3 32.6 20.4

24.5 47.3 45.7 25.8 8.5 93.7 161.1 193.7

47.3 45.7 25.8 8.5 93.7 161.1 193.7 214.0

2Q15

(7.1)

43.0

(0.0)

2.2

-

-

-

(0.2)

-

19.7

1.8

0.8

-

67.3

2.1

(2.3)

6.2

(0.6)

-

-

(0.0)

(3.7)

1.7

-

-

0.0

-

-

(1.1)

2.2

62.4

(24.5)

-

-

(0.8)

37.2

-

-

-

(6.4)

5.8

Menu

-

-

(0.6)

-

0.0

-

(21.8)

(90.8)

-

(112.5)

(76.0)

214.0

138.0

Historical Data - xls

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Transcript of Historical Data - xls